Offeror says Silverlake Axis privatisation bid is final with no price increase

THE voluntary unconditional offer from a group led by Silverlake Axis chairman Goh Peng Ooi to take the company private is final with no intention to raise the price, said offeror E2I on Tuesday (Sep 24).

This comes after E2I – wholly owned by Silverlake Axis’ controlling shareholder Zezz FundQ – made a privatisation offer of S$0.36 in cash per share on Aug 26.

Alternatively, shareholders may choose to receive a combination of S$0.30 per share in cash, together with one new redeemable preference share (RPS) in the capital of E2I for each offer share. The redemption amount for the new offeror RPS is S$0.18 apiece.

The offer remains open for acceptance until 5.30 pm on Oct 7, unless a later date is announced by E2I.

Silverlake Axis earlier announced on Sep 2 its appointment of PrimePartners Corporate Finance as its independent financial adviser regarding this offer. With its advice, the company directors – who are considered to be independent – will then make a recommendation to shareholders about the offer, said the enterprise technology company.

E2I said its offer presents an opportunity for shareholders who may find it difficult to exit due to low trading liquidity.

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Delisting and privatising the company would also provide the offeror and Silverlake Axis with greater control and management flexibility in utilising and deploying available resources, E2I added in an earlier bourse filing.

Shares of Silverlake Axis closed flat at S$0.37 on Tuesday, before the latest news.